CHICAGO | A measure sponsored by state Rep. Will Davis, D-Homewood, that awards low-interest loans to small minority- and women-owned businesses so they qualify to get state contracts has become law.
A disparity study conducted by the Illinois Department of Transportation found that difficulty in securing financing has prevented minority-owned businesses from qualifying to receive contracts. This also prevented IDOT from meeting its goals for awarding contracts to minority businesses.
The law, which took effect July 1, will increase the number of minority- and women-owned bidders by awarding low-interest loans for the purpose of conducting work for IDOT.
The measure was co-sponsored in the House by state Rep. Elgie Sims, D-Chicago, and in the Senate by state Sens. Napoleon Harris, D-Flossmoor, and Donne Trotter, D-Chicago.